Exxon Mobil Proceeds with $14 Billion Canada Oil Field

(Reuters)

Exxon Mobil Corp (XOM.N) said on Friday it is moving forward with the next major offshore oil project in the North Atlantic, the $14 billion Hebron development off the Newfoundland coast, boosting its investments in Canada's most oil-rich regions.

Exxon Mobil, the U.S. oil major, said it will produce 150,000 barrels of oil a day at Hebron using a massive concrete gravity-base structure like the one employed at the Hibernia project, which has been operating in the iceberg-prone region since the late 1990s.